Press release: Father’s Day Index 2014: Dads worth about $24,000 around the house this year
June 9, 2014 (Foster City, CA) – A father’s typical jobs around the house are worth $24,103 this year, up slightly from his value in 2013.
Insure.com’s annual Father’s Day Index measures the “value of Dad” based on a list of common household tasks and average wages for those duties from matching occupations from the Bureau of Labor Statistics. Fathers are enjoying their highest economic value since the Index began:
- 2014: $24,103
- 2013: $23,344
- 2012: $20,248
- 2011: $20,415
If fathers want to increase their economic value at home, they should spend more time doing family finances, repairing pipes, coaching a team and helping with homework – all tasks with the highest hourly wages in Insure.com’s survey.
“Unfortunately barbecuing and mowing the lawn – two favorite Dad pastimes that are often memorialized on Father’s Day cards – have the lowest economic value, but at least provide a good-looking lawn and some dinner,” said Penny Gusner, consumer analyst for Insure.com.
See the full task chart and associated wages.
Moms, by comparison, were worth $62,985 this year after two consecutive years of decline, according to Insure.com’s annual Mother’s Day Index.
Knowing a father’s value at home is especially important in choosing the right life insurance amount. Policy amounts often encompass salary replacement, debt, a family emergency fund, future costs such as college tuition and replacing tasks around the house.
Dinner should be central to Father’s Day: It’s the No. 1 gift pick among dads this year. Insure.com also surveyed 999 fathers with children under 18 living at home about their top gift choices for Father’s Day. Dads could choose more than one gift from a list of 18 choices and pointed to:
1. Dinner at the town’s best restaurant: 31%
2. A weekend getaway with the whole family: 27%
3. Electronics: 26%
4. Tickets to a show or sporting event: 26%
5. A weekend getaway with the wife: 25%
6. Power tools: 21%
Don’t bother giving fathers a remodeled room, selected by only 5 percent (dads are outside doing low-value mowing anyway) or books, chosen by 8 percent (refer to top choice No. 3, electronics).
Based on responses to other questions, dads want to spend Father’s Day with the whole family (57 percent) and receive a homemade card (22 percent) or homemade artwork (19 percent).
See the full article at http://www.insure.com/life-insurance/fathers-day-index.html.
“Dad’s value” is based on occupational wages from the Bureau of Labor Statistics and does not include a salary from work outside the home. It is calculated from a list of common household tasks.
For fathers’ gift choices and ways to spend the day, Insure.com commissioned a survey of 999 married men with children under age 18 living at home. The survey was fielded in April 2014.
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pgusner (at) insure.com